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Co-op. Hsg. Soc. Rules for Interest Rate on dues

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  • Dr. Swapan Garain
    Dear Mr Prabhu We have a Plot Owners Co-operative Housing Society near Panvel. The land was purchased in the name of the Chief promoter and two other people
    Message 1 of 2 , Mar 31, 2008
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      Dear Mr Prabhu
       
      We have a Plot Owners Co-operative Housing Society near Panvel. The land was purchased in the name of the Chief promoter and two other people and then the Society was registed in November 2006. After that, the General Body has passed a resolution to collect dues towards land cost from the un-paid members with an interest of 18% per annum. No date has been decided or minuted as the effective date. Neither the Managing Committee has taken any decision inthis regard and minuted. The members have been requsted to pay as soon as possible otherwise interest will be charged. Now the Secreatry has sent a notice 2 weeks back to the members to with  a notice to pay the dues alng with 18% interest from December 2006. We had a Spl General Body Meeting last week and the general body could not arrive at a consensus on the effective date of harging interest. I have the following questions:
       
      (i) Can the Society charge interest even if the General Body has not resolved the effective date?
      (ii) Can the General Body resolve to charge interest from retrospective effect (back date)?
      (iii) What is the maximum rate of interest permitted to be charged by co-operatieve Society? Is it simple interst or compounded interest?
      (iv) What redressal can the aggrived members have? and from which authority?
      (v) Can you provide the address of the Deputy Regisrar (Cup Housing? at Panvel?
       
      Any help will be highly appreciated?
       
      Dr Swapan Garain

      --
      Prof. Swapan Garain, Senior Fellow (Johns Hopkins), PhD
      Garain.India@...  Voice: 09869031929
      -----------------------------------------------------------
      Helping Donors, Business Houses and NGOs to invest in Social Sector: - NGO Identification and Assessment. Project Formulation and Appraisal. Project Planning & Development, Monitoring and Evaluation. Baseline and Household Survey. Organizational Designing & Restructuring. Volunteering Opportunities. Impact Assessment. NGO Management. R&R. Corporate Social Responsibility, Training Staff and Board Building.
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    • EXIM Consultant
      Dear Dr Swapan Garain, Sub: Re: Co-op. Hsg. Soc. Rules for Interest Rate on dues. I have gone through your request & wish to inform you as under. I believe, 1]
      Message 2 of 2 , Apr 1, 2008
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        Dear Dr Swapan Garain,

        Sub: Re: Co-op. Hsg. Soc. Rules for Interest Rate on dues.

        I have gone through your request & wish to inform you as under.

        I believe,
        1] The Resolution passed is faulty & if it would not have been so, they should have implemented the same within the 1st six months of its passing.
        2] More so its faulty,  because you have a letter stating you should pay the dues as soon as possible, if they were confident of the powers they were conferred upon from a particular date or the General Body had fixed the date, then they should have implemented from day one or as above.

        Inview of above position & as the General Body couldnt arrive at consensus, Please table a request for Sp.Genral Body meeting by taking 1/5th no of members into confidence & their  signature seeking fixation of Interest rate & date for implementation. Pass an appropriate resolution & make it workable.

        If for any reasons, you are not able to reoslve in the above & most amicable method, then the option before you is to represent & challenge its legality  before The Hon'ble Cooperative Courts.

        For answers sought by you against your valued questions are given hereunder respectively.
        i] Yes, because, if no dates have been stipulated it would naturally take effect from that day, when it was resolved, this is in the larger interest of upholding Cooperation from all members & specially if majority of them have already paid & if others are sufferring financially or otherwise for non payment by others members who are in arrears.

        b] No, Unless, specifically ratified now by the General Body in its next meeting , as an apparent error on / in record.

        c] Maximum will depend on the majority of the members SAY in the General Body, I have heard & seen societies charging upto 21% being unchallenged / upheld, but it has to be on a simple interest basis only.

        d] You can take it up before the Dy Registrar / Commissioner for Cooperatives at Pune for Maharashtra/ The Apex Federation to which your society has affiliation, Honestly it deserves to be challenged before The Hon'ble Cooperative Courts having jurisdiction over your area, only.

        e] I believe, you can find out more from: The District Registrar of CHS, Kokan Bhavan, CBD-Belapur, New Mumbai.Tel Nos: 27574965 / 22618471.

        Suggest you try to represent it as a grieveance through the Spl General Body & resolve it amicably as possible.

        Uday Prabhu.
        =========

        ----- Original Message -----
        From: "Dr. Swapan Garain"
        To: karmayog@yahoogroups.com
        Subject: Co-op. Hsg. Soc. Rules for Interest Rate on dues
        Date: Tue, 1 Apr 2008 07:04:37 +0200

        Dear Mr Prabhu
         
        We have a Plot Owners Co-operative Housing Society near Panvel. The land was purchased in the name of the Chief promoter and two other people and then the Society was registed in November 2006. After that, the General Body has passed a resolution to collect dues towards land cost from the un-paid members with an interest of 18% per annum. No date has been decided or minuted as the effective date. Neither the Managing Committee has taken any decision inthis regard and minuted. The members have been requsted to pay as soon as possible otherwise interest will be charged. Now the Secreatry has sent a notice 2 weeks back to the members to with  a notice to pay the dues alng with 18% interest from December 2006. We had a Spl General Body Meeting last week and the general body could not arrive at a consensus on the effective date of harging interest. I have the following questions:
         
        (i) Can the Society charge interest even if the General Body has not resolved the effective date?
        (ii) Can the General Body resolve to charge interest from retrospective effect (back date)?
        (iii) What is the maximum rate of interest permitted to be charged by co-operatieve Society? Is it simple interst or compounded interest?
        (iv) What redressal can the aggrived members have? and from which authority?
        (v) Can you provide the address of the Deputy Regisrar (Cup Housing? at Panvel?
         
        Any help will be highly appreciated?
         
        Dr Swapan Garain

        --
        Prof. Swapan Garain, Senior Fellow (Johns Hopkins), PhD
        Garain.India@...  Voice: 09869031929
        -----------------------------------------------------------
        Helping Donors, Business Houses and NGOs to invest in Social Sector: - NGO Identification and Assessment. Project Formulation and Appraisal. Project Planning & Development, Monitoring and Evaluation. Baseline and Household Survey. Organizational Designing & Restructuring. Volunteering Opportunities. Impact Assessment. NGO Management. R&R. Corporate Social Responsibility, Training Staff and Board Building.
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